From the Wall Street Journal's Bret Arends

Maybe the moment of maximum pessimism is at hand after all…So let me play devil's advocate and consider the positive case for buying a home right now. The key factor: Interest rates. If you can borrow at 4.5% or 5% over 30 years, many purchases start to look appealing. Especially if we get a hefty dose of inflation down the line. If that happens, your monthly payments will be low and you'd get to repay the principal over time with devalued dollars. That's a double win.

The entire article is worth a read.